Transaction discussions between three hospitals in New Jersey's Passaic County and St. Louis-based Ascension Health Care Network may not be completely off the table, even though a board controlling two of the hospitals pulled the plug on merger talks last week, according to a Record report.
Ascension Health Care Network, a for-profit joint venture between Ascension Health and private equity firm Oak Hill Capital Partners, wanted to acquire two-hospital St. Joseph Healthcare System in Paterson, N.J., and St. Mary's Hospital in Passaic. The Catholic health system would operate the three hospitals under a for-profit model and create a Catholic chain in New Jersey.
Last week, St. Joseph's board of trustees put an end to six months of negotiations, and the health system's CEO said St. Joseph's doesn't need financial help.
More recently, the Sisters of Charity of St. Elizabeth — the health system's sponsoring Catholic body — expressed "deep regret" and said they would "continue to work toward alternative solutions" for the deal, according to the report.
Ascension CEO Leo Brideau also said the health system is "willing to continue discussions, assuming they represent a reasonable probability of success," according to the report.
The potential deal could determine the fate of public St. Mary's Hospital, which emerged from bankruptcy two years ago. It has less than a week's cash on hand, according to the report.
Ascension Health Care Network May Acquire St. Mary's Hospital in N.J.
St. Mary's Hospital in Passaic Exits Bankruptcy
Ascension Health Care Network, a for-profit joint venture between Ascension Health and private equity firm Oak Hill Capital Partners, wanted to acquire two-hospital St. Joseph Healthcare System in Paterson, N.J., and St. Mary's Hospital in Passaic. The Catholic health system would operate the three hospitals under a for-profit model and create a Catholic chain in New Jersey.
Last week, St. Joseph's board of trustees put an end to six months of negotiations, and the health system's CEO said St. Joseph's doesn't need financial help.
More recently, the Sisters of Charity of St. Elizabeth — the health system's sponsoring Catholic body — expressed "deep regret" and said they would "continue to work toward alternative solutions" for the deal, according to the report.
Ascension CEO Leo Brideau also said the health system is "willing to continue discussions, assuming they represent a reasonable probability of success," according to the report.
The potential deal could determine the fate of public St. Mary's Hospital, which emerged from bankruptcy two years ago. It has less than a week's cash on hand, according to the report.
More Articles on Hospital Transactions:
St. Joseph's Regional Medical Center Will Not Align With Ascension Health Care NetworkAscension Health Care Network May Acquire St. Mary's Hospital in N.J.
St. Mary's Hospital in Passaic Exits Bankruptcy
http://www.northjersey.com/news/health/Deal_to_sell_Passaic_Countys_3_hospitals_may_not_be_dead_.html